iDenfy , a global RegTech startup, has partnered with The Everset , a platform offering furniture rentals, aiming to enable frictionless onboarding for the latter’s customers. With this partnership, iDenfy will be responsible for verifying and onboarding new customers for The Everset, while helping keep their KYC data safe. According to the press release, The Everset needed the capability to verify customer IDs for new orders and store the data.

This served as a preventive measure against individuals attempting to manipulate the credit reporting or collections system in the US. The Everset considered that mandating the verification of government-issued ID documents during delivery and making customers aware of their stored DOB, could effectively decrease problematic activities. The Everset partnered with iDenfy for its solution’s integration and ability to prevent fraudulent attempts to purchase The Everset’s furniture rental services. iDenfy intends to minimise The Everset's loss of projected recurring revenue.

This will be achieved by gathering and maintaining customer data aligning with the KYC regulations. Moreover, iDenfy will also ensure the verification of each customer during the new account creation process. iDenfy’s algorithm analyses different points of the user’s face in real-time, creating a biometric face map that detects deepfakes, altered pictures, face masks, or other fraudulent attempts to pass the identity verification process. Based on the customer’s risk profile, iDenfy offers customisation options.

This means that Everset could be able to adjust the level of friction during the KYC flow while turning away possible fraudsters with accuracy rates. Moreover, iDenfy will assist in storing and protecting personal information, while ensuring that the Everset retains control over the ability to access and modify policies as needed. The Everset's Furniture Security Solution The Everset aims to reshape what the moving process entails for everyone.

Rather than being immersed in the complexities of moving and the decision-making involved in selecting which furniture items to sell, the company assists customers in reducing furniture waste. When dealing with individuals engaging in malicious activities, the Everset did not store records of government-issued identification. From the time the furniture rental platform was first launched, Everset reported that approximately 13% of active accounts were categorised as NPNR (Non-Paying, Non-Returning).

These accounts each cost the company a loss of several thousand dollars. The Everset stated that conventional face-to-face meetings and the practice of storing customer data through physical paper documents were not suitable choices. The company required a digital, automated, and cost-efficient solution to address security concerns and simplify the process of verifying customer information. According to the company, the goal was to build a new, fully automated customer onboarding process that would minimise fraudulent accounts and prevent them from registering on their platform.

Therefore, as per the press release, Everset decided to incorporate iDenfy’s AI-powered identity verification software as a solution. More about iDenfy iDenfy is a RegTech offering AI-based identity verification and fraud prevention tools. The company provides AML, KYC, and KYB compliance solutions to a wide spectrum of businesses, no matter their size.

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